Page:United States Statutes at Large Volume 47 Part 1.djvu/1340

 1316 Of general indorser. Ante, p. 1315. When negotiable by delivery. Order of liability of indorsers. Lia bil ity of bro ker or agent. Ante, p. 1316. SEC. 1469 . P RES ENTM ENT FOR P AYM ENT .-Present ment for pay- ment is not necessary in order to charge the person primarily liable on the instrument ; but if the instrument is, by its terms, payable at a special p lace, and he is able and willing to pay it there at ma- turity, such ability and willingness are equivalent to a tender of payment up on his part. But except as herein otherwise provided, presentment for payment is necessary in order to charge the drawer and ind orsers. When instrument SEC. 1470. PRESENTMENT FOR PAYMENT .-Where the instrument is payable on due date. not payable on demand, presentment must be made on the day it falls due. Where it is payable on demand, presentment must be made within a reasonable time after its issue, except that in the case of a bill of exchange, presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof. SEC. 1471. WHAT CONSTITUTED SUFFICIEN T PRESENTMENT .- -Pre - sentment for payment, to be sufficient, must be made- (1) By the hol der, or by some person a uthorize d to rec eive pay - ment, on his behalf ; (2) At a reasonable hour on a business day ; (3) At a proper place as herein defined ; (4) To the person primarily liable on the instrument, or if he is absent or inaccessible, to any person found at the place where the presentment is made. Place of. SEC. 1472. PLACE OF PRESENTMENT .Presentment for payment is ma de at the proper place- (1) Where a place of payment is spec ified in the inst rument a nd it is there presented ; (2) Where no place of payment is specified, but the address of the person to make payment is given in the instrument and it is there presented ; (3) Where no place of payment is specified and no address is given and the instrument is presented at the usual place of business or residence of the person to make payment ; Presentment for pay- ment. What constitutes suf- fic ient p resentm ent. 72d C ONGRESS. SESS. II. CH. 128 . FEBRU ARY 27, 1933 . SEC. 1465. LIABILITY OF GENERA L IND ORSER .-Every indorser who indorses without qualification, warrants to all subsequent hold ers in due course- (1) The matters and things mentioned in subdivisions 1, 2, and 3 of section 1464 ; and (2 ) That t he instr ument is at the time of his indo rsement valid and subsisting. Anti, in addition, lie engages that on due presentment it shall .be accepted or paid, or both, as the case may be, according to its tenor, and that if it be dishonored, and the necessary proceedings on dis- honor be duly taken, lie will pay the amount thereof to the holder, or to any subsequent indorser who may be compelled to pay it. SEC. 1466. WHEN NEGOTIABLE BY DELIVERY .-Where a person places his indorsement on an instrument negotiable by delivery he incurs all the liabilities of an indorser. SEC. 1467 . LIABILITY OF INDORSERS .-As respects one another, indorsers are liable prima facie in the order in which they indorse ; but evid ence is admissib le to sh ow that as betwee n or amo ng them- selves they have agreed otherwise. Joint payees or joint indorsees who indorse are deemed to indorse jointly and severally. SEC. 1468. LIABILITY OF BROKER OR AGENT.-Where a broker or other agent negotiates an instrument without indorsement he incurs all the liabilities prescribed by section 1464, unless he discloses the name of his principal and the fact that he is acting only as agent. PRESENTMENT FOR PAYMENT